Kula Maui HI bank owned homes and market snapshot

By
Real Estate Agent with Hawai'i Life Real Estate Brokers HRE# 58089 - RS

Kula Maui HI bank owned homes and market snapshot

I showed this Kula Maui home to a buyer client the other day.  Actually it's 2 homes, a main house and a detached cottage on a large lot of over half an acre.  It's a bank owned property - an REO as they are called.  Priced at $527,000 it seems like a pretty good price for Kula, which is usually an expensive place to buy a home on Maui.  After seeing inside the homes I would have to think that perhaps the price is too high, and that would explain why it's still on the market.

Kula Maui HI bank owned homes

676 Lower Kimo Drive, Kula Maui HI 96790

Neither home was very big, with the total interior space of both house and cottage being 1,200 sf.  They both need a fair amount of work to make them nice again.  The yard was pretty rough and had been allowed to go wild, which even the recent mow job couldn't disguise.  

It would be a great opportunity for an ambitious person or young couple who want to own a home in Kula at a good price.  Are you that person?  Are you working with a Maui Realtor who can advise you about the Maui real estate market?  Please don't hesitate to contact me with your questions.

kula maui housing market snapshot

Currently there are 76 Kula Maui HI homes on the market in our MLS system.  Only 3 are bank owned - what does that tell you?  Kula is a very desirable part of Maui due to the mild climate and generally excellent views.  This is not an economically depressed part of Maui, but a great place to call home.

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 Georgina M. Hunter Realtor(S) e-Pro   SFR

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Ambassador
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Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

With so few of your current listings being bank owned, I'd say you guys are in pretty good shape there in the Kula Maui area.

Apr 06, 2011 03:58 PM #1
Rainmaker
820,770
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Georgina - do you have a rough estimate what it would take for the bank to "fix this up" to liveable condition versus what they will probably get?  There's been quite a few blogs about the banks needing to "get it" and fix these properties.  It would help the values, stabilize the market and help with the unemployment - AND, they would get more of a return on their loss.  WIN-WIN for everyone.

Apr 06, 2011 05:52 PM #2
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Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Now if that had a view of the ocean, it would be perfect but I am guessing it doesn't! A lot of land to plant a veggie garden!

Apr 07, 2011 01:46 AM #3
Rainmaker
2,802,205
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I wonder what the interior looks like? I mean, from the photo it seems okay, not to shabby...but you never know. This little home has big potential, it needs a owner who can see the big picture :)

Apr 07, 2011 09:30 AM #4
Rainmaker
1,523,702
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

The inside needed work, but the word is that the bank was going to paint the interior and buy new kitchen appliances. 

Not much in the way of an ocean view.

Thanks for the comments.

Apr 07, 2011 02:58 PM #5
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Emily Medvec Qualifying Broker
Hello Realty - Santa Fe, NM
Realtor | Serving Santa Fe & Northern NM

Georgina - Interesting post in demonstrating how the bank as the current owner is again not in touch with the reality of the property. I would assume the same bank provided funds for the purchase of this home perhaps without doing all the homework necessary and now here they are again... at square one. Thank you for telling this story.

Apr 07, 2011 04:15 PM #6
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Larry Lawfer
YourStories Realty Group powered by Castles Unlimited® - Newton, MA
"I listen for a living." It's all about you.

Gerogina, Even the bank owned properties look better in your area.  Half a million dollars is a lot. The cost of living in paradise is steep.  Best of luck with this one for a speedy sale.

Apr 08, 2011 03:03 AM #7
Rainmaker
516,438
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

Georgina, you always take such great pictures and can even make a bank-owned property look cute and as you say this would be a wonderful opportunity for someone willing to put in a little sweat equity!

Apr 09, 2011 04:26 AM #8
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Georgie Hunter R(S) 58089

Maui Real Estate sales and lifestyle info
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